HomeAltcoin NewsRipple Price Analysis: Bears Gain Control Below $1.00

Ripple Price Analysis: Bears Gain Control Below $1.00

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  • Ripple price started a strong decline from the $1.12 resistance against the US dollar.
  • The price is now trading below $1.05 and the 55 simple moving average (4-hours).
  • There was a break below a key contracting triangle with support near $1.06 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend its decline below $0.9500 as long as it is below $1.12.

Ripple price is showing bearish signs below $1.05 against the US Dollar, similar to bitcoin. XRP price could decline heavily if there is a break below $0.9500.

Ripple Price Analysis

After a short-term upside correction, ripple price faced resistance near the $1.125 zone against the US Dollar. The XRP/USD pair topped near $1.128 and started a major decline.

There was a break below the $1.10 and $1.05 support levels. There was a break below a key contracting triangle with support near $1.06 on the 4-hours chart of the XRP/USD pair. Besides, the pair traded below the last swing low at $1.01.

It is now trading below $1.05 and the 55 simple moving average (4-hours). XRP even broke the key $1.00 support to move into a bearish zone.

The price is now testing the 1.236 Fib extension level of the upward move from the $1.016 swing low to $1.128 high. On the downside, an initial support is near the $0.9600 level. The first major support is near the $0.9500 level.

It is close to the 1.618 Fib extension level of the upward move from the $1.016 swing low to $1.128 high. Any more losses could lead the price towards the $0.9000 level. On the upside, the price seems to facing resistance near the $1.02 level.

The first major resistance is near the $1.05 level. The main resistance is now forming near $1.07 and the 55 simple moving average (4-hours). A close above the $1.07 could set the pace for more gains. The next major resistance is near the $1.12 level. Any more gains could lead the price towards the $1.20 level.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading well below $1.05 and the 55 simple moving average (4-hours). Overall, the price could extend its decline below $0.9500 as long as it is below $1.12.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 40 level.

Key Support Levels – $0.9600, $0.9500 and $0.9000.

Key Resistance Levels – $1.07 and $1.12.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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